Entries by Earl L. Sigmund (92)

Life Events often present a once in a lifetime opportunity...  

Posted on Saturday, October 5, 2019 at 08:39AM by Registered CommenterEarl L. Sigmund | CommentsPost a Comment | EmailEmail | PrintPrint

  Unfortunately, being laid off from work normally just leads one to do just one thing - look for another job. Maybe the time between your last W2 job to the next W2 job will be the only time you may have in your lifetime to really try your hand at starting your own business. You may be one of the lucky ones who receives a nice severance package from your old job at the time of termination. Those funds allow you time to at least think, research, and even start (even on an experimental basis) that new business idea that you always wanted to test out. Remember to try to do some sort of a business plan at this time, and be sure to get the advice of a knowledgeable successful business owner or a business consultant.  Bouce your idea and business plan off such an individual before taking the plunge.   

  What might get you more ready to try to start your own business is when you discover early in your search for your new job is the realization that your area of expertise which made you such a valuable asset in your old job (and you received a great salary) is not a transferrable skill that is one not valued that highly today by other similar industries or competitors. Starting over salary-wise at a new job may just be not an option at this time of your life.  So life events, even bad ones like losing your job can sometimes lead to one realizing that self-employment is a viable alternative to at least consider. 

 

Hey All You Partnerships Out There! IRS REALLY wants to audit you... 

Posted on Friday, November 9, 2018 at 06:11AM by Registered CommenterEarl L. Sigmund | CommentsPost a Comment | EmailEmail | PrintPrint

  Part of the new tax law effective January 1, 2018 included a provision which requires partnerships the election to opt out of brand new IRS audit rules for partnerships-

 

If your company is eligible - you can opt out. OPT OUT of what????

Answer: If your partnership is audited and the IRS finds more taxable income, that income will br taxed at the highest federal tax bracket for 2018 ---37% ---no matter what tax rate the individual partner in the partnership is at that tax year.   

Trump Tax Law makes Self-Employment a better option for many

Posted on Sunday, September 30, 2018 at 09:27AM by Registered CommenterEarl L. Sigmund | CommentsPost a Comment | EmailEmail | PrintPrint

    

 No matter your political persuasion, the new Trump tax act provides incentive for many W-2 employees with no real fringe benefits, no real upward mobility, and general current workplace unhappiness. The act gives you a reason to look more closely at the Self-Employment option. A new tax tax deduction for Self-Empoyed individuals reducing your taxable federal income by as much as 20% is the the prime factor. The loss of tax deductions for employee unreimbursed expenses is another.

 

       Should you jump into the pool? The answer from an income tax prospective seems easy, but the answer is really much more complex and requires much thought, research, education, and a self-examination of your personality and your family relationships. Self- employment is NOT easy period, and it requires that true Entrepreneauial Spirit that most individuals lack. Either you are a leader in this crazy world of today or you are NOT. Talk to someone who can tell you the good, bad, and ugly facets of working for yourself. Test out your business idea on a short trial basis - prepare a realistic business plan - and don't commit to any large capital investment BEFORE someone experienced in advising individuals on business matters tells you that you have a real good shot at success.                 

Why Business Card Exchanges are becoming less popular......

Posted on Sunday, July 22, 2018 at 10:45AM by Registered CommenterEarl L. Sigmund | CommentsPost a Comment | EmailEmail | PrintPrint

  As an entrepreneur I have gone to hundreds of business card exchanges in my lifetime. I used to love to go to them, but except for rare instances, I am dreading them more and more these days. Let me explain my change in attitude toward business card exchanges:

1) the organization giving them are now days just giving them because they always had them, not because they really want to ...the givers create little or no buzz about the event to strengthen the interest of the attendees to attend them

2) the same people ( I estimate 85% ) are present every time - probably either to just get out of their stuffy office and get some fresh air, or to pray that this one will somehow be different than the others and will actually lead to some new contacts and hopefully a new sale.

3) the venues are too small to have an event in a lot of cases creating a very noisy uninspiring environment to prospect for sales.

4) attendees are often too focused on the social aspect of the event and are not focused on the New Business potential aspect of the event. It's considered by too many as a place to catch-up on gossip with old friends.

So for these these reasons, the business card exchange as presented by most organizations ihas a chance of becoming a thing of the past unless an exciting new approach is adopted by the organizers. 

 

 

 

You should not have DOUBTS when you start a new business?

Posted on Thursday, May 10, 2018 at 06:58AM by Registered CommenterEarl L. Sigmund | CommentsPost a Comment | EmailEmail | PrintPrint

WHAT ARE YOU TALKING ABOUT?  I mean it! If you really doubt that your business is going to be successful - THEN DO NOT START IT NOW!   Doubt to me means you have not done all the research required to insure the success of your business. Doubt means you have not done a complete detailed business plan- one reviewed by an experienced successful business person who will quiz you to make sure there are no holes or red flags in your plan. Doubt may also mean that you have qeuestions about the business that you are afraid to ask of others. Doubt creeps into your head when you fail to reveal to others negatve things you heard about the industry you are about to enter.

    DOUBT- -it is a word that you need to address straignt on when it hits you, and don't stop until you get an answer that builts your confidence that the business will be a success from the get go -

       I doubt your business can succeed with it.

         

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